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I was a guarantor on the loan. The borrower maliciously evaded their obligations, and as a result, the entire debt will have to pay me. Can I recover these costs (and how) with the borrower?
Certainly can. But initially You must repay to the Bank this debt.
the Rights and obligations of the guarantor
Article 365. Rights of the surety who has performed the obligation
· To the surety who has performed the obligation of creditor's rights under this obligation and rights owned by the lender as mortgagee, to the extent that the guarantor has satisfied the creditor. The guarantor is also entitled to demand from the debtor payment of interest on the amount paid to the creditor, and compensation for other losses incurred in connection with liability for the debtor.
· Upon performance by the guarantor of an obligation, the creditor is required to give the surety proof of claim against the debtor, and to pass a law providing for this requirement.
· the Rules established by this article shall be applied unless otherwise provided by a Statute, other legal acts or the contract of suretyship with the debtor and does not follow from the relations between them. Read more →
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